Busan Bank Provides Emergency Living Funds to Contracted Instructors at All School Levels

[Asia Economy Reporter Kim Hyo-jin] BNK Busan Bank announced on the 10th that it will provide emergency living stabilization funds to consigned instructors at various schools in Busan who are struggling due to the prolonged COVID-19 pandemic.

Accordingly, the bank signed a "Second Emergency Living Stabilization Fund Support Agreement for Consigned Instructors at Various Schools" with the Busan Metropolitan Office of Education at its headquarters on the same day.

The support targets are after-school instructors and special aptitude instructors who signed consignment contracts with various schools in Busan in 2020.

In May of last year, Busan Bank also signed a business agreement with the Busan Metropolitan Office of Education to provide low-interest emergency living stabilization fund loans to consigned instructors in Busan.

This year, the loan limit has been increased from 5 million KRW to 10 million KRW per person.

Unlike existing credit loan products that apply different loan limits and interest rates according to the customer's credit rating, the bank plans to provide low-interest loans with a loan limit of 10 million KRW and a fixed interest rate of 3.30% per annum without differentiation by credit rating through internal bank screening.

Additionally, the procedure has been simplified by using a credit evaluation company's estimated income calculation system without requiring separate income verification documents during loan screening. From the end of this month, loan applications can be made at each Busan Bank branch or through Busan Bank mobile banking by bringing the "Consignment Contract Confirmation" signed with various schools in Busan.

This content was produced with the assistance of AI translation services.